OTC Derivatives and CCPs

Topics in this issue:

Practical steps following legal cutover

More on cultural change from the FCA

FSA confirms approach to temporary FCA product intervention rules

FCA publishes policy statement on payments to platform service providers and cash rebates to consumers

An update on EMIR

FSA sends firms classification letter in anticipation of switchover to twin peaks regulation

Extension of the special resolution and administration regimes

CRD IV and CRR texts adopted by the European Parliament

FCA publishes guidance on special member controls for RIEs and MTFs

EFG Private Bank fined £4.2m for AML controls failings

FCA censures money transfer company for breaches of Payment Services Regulations

Following some uncertainty in early February 2013 in respect of whether the European Parliament would object to certain EMIR regulatory technical standards (RTS), the European Parliament finally accepted the six draft RTS and they entered into force on 15 March 2013...

The European Market Infrastructure Regulation (Regulation (EU) No 648/2012) has been in force since 16 August 2012, however, in the first few weeks of 2013, the detailed technical rules implementing the regulation were finalised and came into force on 15 March 2013...

The BIS released OTC derivatives statistics at end-December 2012...

The principals of the authorities with responsibility for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland and the United States, have held four meetings to discuss reform of the OTC derivatives market...

Regulators of several countries, including the United States Commodity Futures Trading Commission, have introduced or proposed rules requiring clearing of over-the-counter derivatives through central counterparties. Clearing requirements in turn affect margin requirements, which are one key mechanism used by parties to mitigate counterparty risk...

Letter to US Treasury Secretary Lew on cross-border OTC derivatives reform; 18 April 2013...

The Financial Stability Board has published its 5th six-monthly progress report on the implementation of over-the-counter derivatives market reforms...

The FSB published today its fifth six-monthly progress report on the implementation of over-the-counter (OTC) derivatives market reforms. This report takes stock of progress made by standard-setting bodies, national and regional authorities and market participants towards meeting the commitments made by G20 Leaders at the Pittsburgh 2009 Summit that all standardised OTC derivative contracts be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties...

The EMIR Reporting Technical Standards; Victoria Cooley; OTC Derivatives & Post Trade Policy; Financial Conduct Authority; 12 April 2013...

First compliance obligations for the European Markets and Infrastructure Regulation (Regulation (EU) No 648/2012) came into force on 15 March 2013...

On 8 March 2013, the International Swaps and Derivatives Association, Inc. issued the ISDA 2013 EMIR NFC Representation Protocol (Protocol). This enables market participants to simultaneously amend multiple ISDA Master Agreements so as to facilitate compliance with the know-your-counterparty requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories...

The European Commission has extended the scope of an investigation into credit default swaps to include the International Swaps and Derivatives Association, a professional organization of financial institutions involved in the over-the-counter trading of derivatives...

The Regulation on OTC derivatives, central counterparties and trade repositories (EMIR Regulation (EU) No 648/2012) was adopted on 4 July 2012 and entered into force on 16 August 2012...

The FSA has published final versions of notification forms for the purposes of the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) for use by from 15 March 2013...

The purpose of this document is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR...

The Commission did not endorse ESMA’s original draft regulatory technical standards (RTS) on CCP colleges as required under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) . ESMA was given a period of six weeks to amend these draft RTS on the basis of the Commission’s proposed amendments and resubmit them to the Commission in the form of a formal opinion..

This paper contains Guidelines and Recommendations as mandated under Article 54(4) of EMIR which requires ESMA to develop Guidelines and Recommendations with a view to establishing consistent, efficient and effective assessments of interoperability arrangements...

Explanation of the timely confirmation amendment agreement...

The purpose of this note is to provide information on the recognition by ESMA of Third Country CCPs under Chapter 4 of Title III of Regulation (EU) No 648/2012 and Chapter II of Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 with regard to regulatory technical standards on requirements for central counterparties...

These Regulations implement certain Articles of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories...

Letter on the interaction between the Other-Comprehensive-Income (OCI) treatment under Basel III and the proposed Fair Value Through OCI, 26 February 2013...

Topics in this issue:

Presidency reaches banking agreement

No objections likely to AIFMD Level 2

EMIR Delegated Regulations published in OJEU

LIBOR Committee calls for administrator applications

Treasury makes second FS Act Commencement Order

FSA prepares for EMIR notifications

FSA updates on RRP

FSA updates on the move to PRA